Whether you plan on selling soon or just want to increase your property’s value to future-proof your finances, there are many ways that you can do it. These changes can be both large or small, so depending on your budget, there should be a suitable change to increase your home’s value.
The average price of homes in the UK currently sits at around £290,000, which may be significantly higher than what you bought it for. However, that doesn’t mean you should just settle for that price. Instead, continue to add value and when the time comes to move, you may be able to afford your dream home.
If you’re new to home improvements or want to know clever ways that you can fund these projects, then we’re here to help. We’ve prepared a handy guide on the best ways to add value and how you can fund them. Read on to learn more and maximize the value of your home today.
How can I maximize the value of my house?
There are countless changes you can make to your home, but you’ll want to focus on the ones that make your house even more attractive to prospective buyers. These include:
Converting your loft
A loft conversion can add as much as 20% value to your home and this is because it creates more usable space within the house. It can be turned into a bedroom, sitting room or a study, which makes it much more attractive to potential buyers.
Upgrading your kitchen
The kitchen is one of the most essential rooms in the home and many people tend to cook most days of the week. That’s why having a stylish and functional upgraded kitchen is a must.
Building a conservatory
If you have a large garden, then consider building a conservatory at the back of your house. This extra room will increase your home’s overall size and let you introduce more natural light too.
How can I fund these?
These changes can cost a pretty penny but will be worth it in the long run. Some of the ways you can pay for them now include:
You could be able to use an equity release to fund your house renovation and also prepare you for retirement. This lets you release some of the value of your home into your bank account in one tax-free lump sum or smaller installment.
Using this method is great for those with little savings but who want to boost the value of their home by spending the money released on renovations.
Using your savings is a great way to fund a renovation as it reduces the risk of going into debt and is a good way to invest your money into something that could yield a big return when you sell your home.